Sat. Jul 20th, 2024

According to The Insight Partners recent study on the ” Anti-Money Laundering Solution Market Forecast to 2027 – COVID-19 Impact and Global Analysis By Component (Software and Services), Deployment Type (On-premises and Cloud), Product (Transaction Monitoring, Compliance Management, Currency Transaction Reporting, and Customer Identity Management), Industry (Healthcare, BFSI, Retail, IT and Telecom, Government, and Others),” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The anti-money laundering solution market expected to grow from US$ 1,764.39 million in 2020 to US$ 5,866.51 million by 2027; it is estimated to grow at a CAGR of 16.2% from 2020 to 2027.

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Major Key Players Covered In This Report:

  • ACI Worldwide
  • SAS Institute
  • Oracle Corporation
  • BAE Systems
  • Accenture
  • Verafin Inc.
  • Safe Banking Systems LLC
  • Eastnets Holding Ltd.
  • Ascent Technology Consulting
  • Opentext Corporation

Surging adoption of advanced analytics is attributing to the growth of the market. Lately, the financial ecosystem has been transformed by the swift developments in machine learning, data science, and their ability to produce algorithms for predictive data analytics. In recent times, machine learning has proved to be holding great promise for the banking system, particularly in the area of detecting hidden patterns and suspicious money-laundering activities. Machine learning facilitates identifying money-laundering typologies, strange and suspicious transactions, behavioral transitions in customers, transactions of customers belonging to the same geography, age, groups, and other identities, and helps reduce false positives. It also helps analyze similar transactions for focal entities and correlate alerts flagged as suspicious in regulatory reports. The advanced capabilities provided by the machine learning and data science in AML solutions are expected to drive the market.

Furthermore, as money launders continue to explore newer ways to use banks for illicit activities, the timely detection of the laundering activities is the most challenging aspect in implementing an efficient AML. Numerous companies are launching innovative technologies that are capable of detecting, tracking, and preventing money laundering. For instance, in March 2020, Infotech Limited introduced an advanced AML solution—AMLOCK Analytics, which allows banks and financial institutions to recognize complex AML patterns. Powered by AI and machine language, the solution helps enterprises meet the critical challenge of handling a high false positive and deliver a complete view of scrutinizing an alert. Growing use of advanced analytics would control money laundering; thus, it would raise the demand for AML solution.

The anti-money laundering solution market has been segmented as follows:

Global Anti-Money Laundering Software Market – By Deployment Type

  • On-premises
  • Cloud

Global Anti-Money Laundering Software Market – By Component

  • Software
  • Services

Global Anti-Money Laundering Software Market – By Product

  • Transaction Monitoring
  • Compliance Management
  • Currency Transaction Reporting
  • Customer Identity Management

Global Anti-Money Laundering Software Market – By Industry Vertical

  • Healthcare
  • BFSI
  • Retail
  • IT & Telecom
  • Government
  • Others

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